We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Gold futures in the August contract settled last Friday in New York at 1,256 an ounce while currently trading at 1,256 in a pretty uneventful trading week. I'm not currently involved in this market, but I'm looking at a possible short position in next week's trade. Gold prices hit a 5-week low in Wednesday's trade. However, the 10-day high stands at 1,284 which is a little too far away in my opinion so I will wait for the chart structure to tighten up with a rally or a couple more days off the calendar then I will be looking at getting short. I'm still bearish gold and the precious metals in general. The next major level support is at 1,225 with prices trading right at their 20 & 100-day moving average telling you that there is no trend at this time. The commodity markets, in general, remain weak except for the stock market which continues to move higher. I am also recommending a bullish position in the Dow Jones as I still think money flows will enter that market & out all the gold market in the coming weeks, so keep a close eye on this market for a possible short position.
CHART STRUCTURE: IMPROVING